June Home Sales Show Temporary Downtrend
Although sales were a little slow in June, the market is as hot as the 4th of July. Make no mistake, Utah housing prices are still on the rise. The median sold price in June ($270,000) was just slightly higher than in May $269,900, according to the Wasatch Front Regional Multiple Listing Service (WFR-MLS).
The median current days on market (CDOM) was 10 days in June compared to 9 in May. Keep in mind that a “median” number is reached by considering the lowest and highest number and finding the middle. One extremely fast or extremely slow home sale can really throw the number off. Still, over time it’s a great way to get a feel for the market and measure trends that impact buyers and sellers. For example, if one home sold the day it was listed (0 days) and one home took 200 days to sell, the median CDOM would be 100.
Some Realtors refer to June as the “dog days of summer.” Sales tend to get a little sluggish and they certainly did in the early part of June on the Wasatch Front. Graduations, family vacations and other activities tend to consume would-be buyers’ time. I can tell you that today, sales are as hot as I have seen them.
A total of 4,088 homes sold in Utah throughout June. That’s down from the 4,780 that sold during June last year. It’s also down compared to May 2017 sales of 4,343. It’s interesting to note, though that the median price per square foot increased from May ($122.34) to June at $123.99.
Overall, June was a fantastic month for Utah grossing sales of $1,325,676,440.
If you’re thinking of selling your home, ride the wave. This is a great time. Utah Real Estate can provide you with a free current market analysis (CMA). If you want to sell, I will personally hand-deliver your CMA and discuss the current market value of your home with you. Call today at 801-673-3333 or reach out to my assistants at 801-455-5555 to schedule your walk-through today.
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